FitBit raises IPO price range to $19 per share

FitBit has raised its price range for shares in its initial public offering (IPO) to $17 to $19 per share, the company said Tuesday in a regulatory filing ahead of the company's stock pricing, which takes place on Wednesday, June 17.

At the midpoint of the range, it would value FitBit at roughly $3.7 billion.

The company said it would offer 22.4 million shares of Class A stock and selling stockholders would offer 12.1 million shares of Class A common stock in the IPO.

The maker of popular fitness bands previously sought to sell shares between $14 to $16 apiece, raising as much as $478 million. FitBit, which is profitable, recorded about $100 million in net income on $745 million in revenue in the most recent calendar year.